GBPNZD Daily
Down trend
BEEB on resistance
Short pend @1.9348
TP @1.90300
Comments?
well personally i think itās unwise to enter multiple pairs at the same time especially if the currency is the same. For example if iām already in a trade for AUDNZD i wouldnāt enter NZDUSD at all because both are NZD and most likely they will go to same direction despite having different targets
an exception is if my first trade has already reached TP1 so I move my SL to BE then I can open another position.
honestly PA is a mechanical system that you donāt even need to check on regular news every day. I only read very strong news like NFP and FOMC and even then I only modify my TP if the result is very2 different with expectation. Of course i dont enter based on news, itās just to modify TPs of my open position in case result is very far away from expectation. Sometimes you will be stopped out by news but most of the times you wonāt. Well i dont trade H1 though so i cant comment for H1 trades.
and about minor S/R lines, im both disagree and agree with you. I dont know how to describe this in words but if thereās just new āsupport/resistanceā rejection for 2-3 bars before price break it through easily (and it only happened one time in that level), i dont really consider it as part of S/R lines because you have tons of these. My TP1 often ignore this kind of level and itās rare for me to get stopped out at this kind of level (as long as the PA setup itself is really good and following the trend).
Thanks for your view, I will think about it.
these are just my views. personally im still learning. obviously seniors here will have better opinions 
Hi Mike,
thanks for the kind words, but we may talk about different fundamental here. I actually donāt really care about āfundamentalā in Forex, as I think thatās the wrong semantic for ānewsā or āsentimentā analysis.
When I say about fundamental analysis, I mean fundamental as the correct semantic as we use that in stock market. That means literally piles and piles of company balance sheet and income statement. Even in stock analysis, I donāt like ānewsā or āsentimentā analysis.
Regarding Fibonacci retracements as i understand we use it to decide if its time to close trade .So if we in a trade and price reached example %38 should we consider to close trade here or there is other things to make me decide keep it running or not ?
Also
When i open trade in daily time frame then i should only draw and use Fibonacci retracements in same time frame?
When draw Fibo. Ret. on last swing but if last swing is up swing whil we still in down trend . or i should draw it when swing with the trend?
like GBPNZD daily today
Hello everyone!
3 weeks in holiday and this thread have moved from 40 page to 130. It will take about a week to catch up. Glad to see everyone back. Hope everyone got a lot of pips.
Will join you soon after reading all the posts.
Cheers,
More exeprienced traders will possibly have better opinions, not to be cofused with āSeniorā or other tags on Babypips which are merely a function of how much one posts, not determined by the quality contained in the posts 
Iām new to Forex and even newer to price action. My eyes are untrained so Iām having a hard time finding price action setups. I understand some trades are not posted because people would abuse this thread and use it as a signal service. So getting to the point, I have not seen quality PA setups in the last three days on the d1 charts. Am I over looking the setups or is this the case with most traders, there hasnāt been any quality setups.
Thanks
[QUOTE=āFaRS;558463ā]
Itās going just great, better than I expected, thanks.
First of all, we shouldnāt compare present setups to previous ones, because they all work out differently, by that I mean, every setup is unique due to the fact that there arenāt two identical times, when there were the same traders trading the same setup on the same time frame.
As for NZD/USD D1, then I would like if the Pin Bar cut deeper into the support level or I would like to say support zone.
NZD/USD D1
<img src=ā301 Moved Permanentlyā/>
The Pin Bar itself is good, but there is this huge bearish momentum before and some chop on the left that keeps me out of this trade.
Richard[/QUOTE]
Thanks for the feedback Richard, I know having read Dr Foxs thread that you are very experienced and also posted some great set ups. I have to admit I donāt like the choppiness to the left, I did take this trade but only risked half of what I usually would so Iāll see what happens. The pin bar was too good for me to pass up and is actually the first official trade Iāve placed on the daily.
Thanks again, glad your work is paying off!
BA
[QUOTE=āNoname81;558812ā]Iām new to Forex and even newer to price action. My eyes are untrained so Iām having a hard time finding price action setups. I understand some trades are not posted because people would abuse this thread and use it as a signal service. So getting to the point, I have not seen quality PA setups in the last three days on the d1 charts. Am I over looking the setups or is this the case with most traders, there hasnāt been any quality setups.
Thanks[/QUOTE]
Hey Noname
As far as I know they are incredibly rare at the moment, I havenāt seen what I would call a 5 star set up on the dailys since I began trading my live account about 2 months ago. If you are only trading the daily, patience is key!
If you are only looking at the daily charts for signals, you can expect to go days or even weeks before finding a high quality setup. Sometimes the markets really start moving and shaking and there will be a couple in a week.
I trade daily and low and have taken 4 trades so far this week.
I donāt believe you are using Fibonacci retracements correctly, because they tell you where to enter trades. I drew out an example of one in my articles discussing Step 2: finding S/R. Fibonacci expansions tell you where price may reverse.
Skyfall anyone?
Now, that worked out smoothly. Anticipating a move and looking for clues on the charts can be
very rewarding.
Keep the good work up everyone, I see lots of peers strenghening their skills, in a very impressive way.
Cheers
Itās always nice seeing someone call a trade before it happens and seeing it play out as anticipate. I shorted the Euro yesterday but not on the USD. I was short the EURAUD this Monday, and I saw ascending triangles forming on multiple timeframes(bullish signal), so I lightened up my risk. As we know now, price shot way up. I lost some money but it was quite a bit less than I would have if I ignored or didnāt understand price action patterns. I was also short the GBPCHF early this week, and it broke out in my favor and very quickly the price action started hinting to price turning against me, so I closed out the trade with profit, and we can see that today price exploded up against the position I took. If I would have ignored the price action I would have stayed in the trade and lost the 1% of my account I risked. Patterns like these can help us get in before or at the beginning of a big move, or get out of trades that are about to go against us.
Great post.
Kas can you share the pattern characteristics ? I saw your post a couple of days ago but I didnāt quite get it what should we be looking for
thanks
That pattern is called a rising wedge, which is a bearish pattern. Itās when you have 2 converging trend lines with an upward slope. This is another one of the patterns where you want the breakout to happen 2/3 the way to the apex. You can see price made it all the way to the apex and kind of sat there for a while before falling. The profit target for a rising wedge is the start of the wedge, which for the EURUSD is somewhere around 1.3400.
I will be curious to hear those brave enough to talk about how their trading week ended. Due to the quietness of this thread, I have a feeling for most it was unprofitable. I wonāt throw out a number quite yet because I still have a couple open trades, but I am in profit as of right now for the week. I have had a couple losers this week, but 1 single winner has made up for all of them and put me in profit. One of the trades I currently have open is the EURCHF which I am currently at a 1:5 RR, and shooting for a 1:10 to 1:15.
If your trading is the opposite, it only take 1 loser to put you way in the hole and a couple winners to dig out of it, you have one of a number of problems. The first is over risking. We have already discussed that it becomes exponentially harder to dig out of a loss, as the loss grows. This math simply works against you as a trader. This is why just to break even you have to be winning. The other reason is your RR and win rate model. The famous saying is cut your losers short and let your winners run, but I could bet that 90% of traders do the opposite. This is because when a trade is losing, the trade is kept open out of hope for recovery, and winners are cut short out of fear of losing profits. I feel that only taking 1:1 RR or less puts tremendous pressure on a trader to maintain high win rates. This is the only way that a low RR model can be successful. Setting a minimum RR of 1:2 or greater takes the pressure off of needing to win so frequently, and helps the trader develop the mental and emotional skills to let their winners run. The mental stress of making up for losers and achieving the high win rates puts even more stress on the trader to close winners early. If I am able to achieve a 1:15 RR on my EURCHF trade, this means I can lose the next 15 trades in a row and still break even. I know that the likelihood of losing that much is slim to non, which means I have the freedom on future trades to continue to shoot for high RR without feeling like I have to take profit early, and if I lose it really does not bother me that much. If I am able to keep my win rate high, and continue trading high RR setups, I know my profit will also be much higher than other lower RR price action traders.
I am not writing this to shoot down lower RR trading styles, but I feel that there is plenty of good information and teaching about safer and lower RR trading, but not much about riskier and higher RR trading. Since I have always traded high RR, I want to help fill that information gap. Both styles are different and have their own individual benefits as well as their own unique stresses. For those trades who feel they really are understanding price action and taking those high quality setups, it may be worth considering incorporating lower time frame and higher risk setups. I believe a mix of the two methods can compliment each other for a balanced trading method.